The 'We're saving for a deposit' thread

ChopperST

ellebelle_x wrote: »

Hi! I hope you all don't mind if I join

My boyfriend and I are looking to buy somewhere and are saving for a deposit. We are first-time buyers still living with our parents.

I know it's going to involve a lot of scrimping and vast amounts of cutting back. I am appalling at saving, so it seems like a huge daunting challenge at the moment!

There is a new development locally, and we're going to the show home opening in a few weeks so we can speak to their financial advisor and see if we'd qualify for anything with them or indeed if we could afford it! Fingers crossed, but I have a feeling it will be out of our reach. At least we can get some advice though!

By all means speak to them about first time buyer incentives but dont use their financial advisor. Get a recommendation from family / friends for a good independant whole of the market mortgage broker.

Good luck!

J_i_m

It's going to be a slightly meagre effort from me this month.. My overdraft is looking slightly sorry for itself and I have to renew my tax disc as well. So I'll have to be content to put £300 in my regular saver and other money I should have been saving on other commitments.

SolvingDebtCrisis

Well I have not progressed much this month saving as had to fork out for kids uniform 100, Mot and repairs 185, car breakdown recovery yearly 45 and Paralympic tickets 46.

I've yet to buy yearly car insurance and road tax in sept. Can't wait unti these big spends are completed and I can have some money to put away in savings.

I've done a stupid mistake and I'm kicking myself for it, I've paid for breakdown recovery on cc thinking I will stooze the money in savings, but did not keep my eye on the figures, I pressed the pay button and then realised cost went up by £1 bcos it was paid by cc, it was too late to cancel.

CharlieN

Hi Everyone can i join this thread? i'm a 1st time buyer saving for a deposit with my partner. We got are work cut out as we getting married 2. I'm saving for the house he saving for the wedding. I would like my deposit to be are 18000 mark buy july 2014. So far i have £1500 saved. I currently been putting aside £500 per month but at the moment i'm getting the overtime in so i can put £700 away.

Lizling

My savings have taken a 2 grand dive this month. I decided to pay off the balance of my student loan. I figured the difference between an 11% and 12% deposit wasn't as important for mortgage applications as having an extra 100+ a month arriving in my bank account. Feels good to be completely debt free, too!

Off for a second viewing this week. Hoping this might be the one! I'm trying not to set my heart on it, but I admit I have started planning colour schemes.

quintwins

Hi all lizling i don't think mortgage companys take into account students loans and as the interests frozen mse doesn't usually recommend me, me personally i hate debt and i'd have paid it aswell.

I also had to buy uniforms and shoes for my youngest so an expensive month can't wait for the kids to go back to school on thur.

My savings stand at £1200.69 with £230 due to go in on tue so £1433.69.wish i had enought pennies spare to put it up to £1500 but i don't til hubbys paid.

Lizling

Student loans are taken into account for the affordability element of mortgage applications. The interest on mine's linked to inflation, and that's higher than the interest I'll be able to earn once I've said goodbye to my First Home Saver account.

Carrie85

Hi everyone,

So all the invoices I was owed have been paid so i've managed to up my savings from about £4,000 to £7,000. So happy to be pushing forward :j

Don't have any work lined up now though so could be a few months before I can add to the savings again, lets hope not!

Possible job in the pipeline that could last a few months, really hoping it comes off as would make a huge difference. We'll see, if not I will need to get back to the job hunting.

Starbrite

Only saved £100 this mth

Having to pay out £430 for the car to be fixed, so wish £100 was going onto the car and £430 into savings!

Also have redundancy looming (Find out Mon/Tue) Not the best of mths for me......:o

Oh I did win £25 on premium bonds, Can't complain

[Deleted User]

Sounds like a stressful time Starbrite - hopefully things will work out for you what ever happens with your current job.

D9